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8 October 2002
Lend Lease Global Properties SICAF Acquires Belgian Real Estate Investment and Development Company
Transaction Completes Fund’s Investment Programme
Lend Lease Corporation Limited (“Lend Lease”) today announced that Lend Lease Global Properties, SICAF (“Lend Lease Global Properties”), a Luxembourg based global real estate opportunistic investment company, has acquired Banimmo Real Estate and Banimmo Real Estate Management Company (“Banimmo”), a Belgian real estate investment and development company. Banimmo was acquired by Lend Lease Global Properties in a joint venture with the existing management for €270 million.
This acquisition completes Lend Lease Global Properties’ investment programme.
Further details are included in the attached media statement.
MEDIA STATEMENT
Luxembourg - Lend Lease Global Properties SICAF (“Lend Lease Global Properties”) the Luxembourg-based opportunistic investment company advised by Lend Lease Global Real Estate Advisors SA has acquired Banimmo Real Estate and Banimmo Real Estate Management Company (“Banimmo”), a Belgian real estate investment and development company. Banimmo was acquired by Lend Lease Global Properties in a joint venture with the existing management from EPP Belend Sarl, a wholly owned subsidiary of the European Property Partners Limited Partnership (advised by PRICOA Property Private Equity), and Dexia Banque Belgique SA for €270 million.
Banimmo is a property investment and development company with a strong track record in the repositioning and redevelopment of office and retail properties in Belgium and Luxembourg. Banimmo’s current portfolio comprises 21 investment properties totalling 210,000 square metres (2.3 million square feet) concentrated in Brussels and Antwerp, and a development land bank of eight sites in various stages of planning approval in Belgium and Luxembourg.
James Quille, Chairman of Lend Lease Global Properties said, “The acquisition of Banimmo is an exciting complement to Lend Lease Global Properties’ European investment portfolio. This acquisition adds another dimension to our current portfolio, offering strong current cash flow with growth potential via the development pipeline, in a market set to experience strong demand arising from the expansion plans of the European Union government infrastructure in Brussels. This market has very stable characteristics and is gaining increased interest from European institutional investors, positioning us to capitalise on these market dynamics.”
Didrik van Caloen, Chief Executive of Banimmo said, “Joining with Lend Lease Global Properties to acquire Banimmo has provided the management team with the opportunity to develop our business and leverage our capabilities in those niche markets where we have a proven track record, and to capitalise on the continued growth in the Brussels market. We are excited to be joining what we see as a growing European platform created by Lend Lease Global Properties, backed by the experience, knowledge and expertise of not only its management team but the entire Lend Lease organisation. We view our partnership with Lend Lease Global Properties as supportive and synergistic with our business goals.”
Mr Andrew Wood, Principal with Lend Lease Real Estate Investments, Inc. said, “The Banimmo management team have a disciplined process that has resulted in a strong track record in acquiring, improving and selling income-producing assets which deliver profits for future investment and development of their land bank. We see the Banimmo team and business strategy as an excellent fit with both our business philosophy and the balance of our investment portfolio.”
Lend Lease Global Properties has now completed its investment phase. The Fund currently has real estate investments in the UK, Belgium, Germany, Spain, Hong Kong, Japan, and Korea. Following the acquisition of Banimmo, Lend Lease Global Properties’ gross assets total approximately US$1.5 billion.
Mr Quille added, “This acquisition completes Lend Lease Global Properties’ investment programme and offers many synergies with our growing European platform. As a result of recent acquisitions, Lend Lease Global Properties’ investment weighting is now significantly focused towards Europe, with approximately 80% of our assets located in both the Eurozone and the UK. The strong liquidity in these markets and market cycle characteristics lead us to view Europe as offering better risk adjusted returns than most Asian markets at this stage in the cycle. However, we see the window of opportunity closing fast in Europe with large amounts of capital seeking investments and, going forward, Asia is likely to offer more opportunities in the coming years.”
“Looking ahead, we will seek to build on the success of the Lend Lease Global Properties’ platform by launching a second fund, continuing the momentum that we have achieved in the market, particularly in the major real estate markets of Asia and Europe,” said Mr Quille.
END
MEDIA ENQUIRIES:
Mary Beth Lally
Lend Lease Corporation
02 9236 6883
Notes to Editors
Lend Lease Global Properties SICAF
Lend Lease Global Properties is advised by Lend Lease Global Real Estate Advisors, SA, an affiliate of Lend Lease Real Estate Investments, one of the largest real estate investment managers in the world and a leading U.S. real estate advisor to pension funds. The Group manages €50.8 billion (GB£33.6 billion, AU$86.1 billion, US$49.1 billion) for institutional, mutual fund and private clients invested in property funds, real estate equity and securities, mortgages, and commercial mortgage-backed securities.
Lend Lease is a global real estate group comprising two businesses: Real Estate Solutions, which offers clients creating physical assets a full range of project management, construction, development, capital structuring and consulting services; and Real Estate Investments, serving clients who invest in real estate equity or debt. Listed on the Australian Stock Exchange, the Group operates in 43 countries on six continents, with a significant presence in the United States, Europe, Asia Pacific and South America.media | stock exchange
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